Revolution in tax prep? Bloomberg’s latest AI tools transform how taxes are done

Bloomberg Tax & Accounting has announced significant enhancements to its Bloomberg Tax Workpapers platform, introducing an innovative AI formula generator and expanding integrations with its Fixed Assets and Tax Provision solutions. This development is part of Bloomberg Tax & Accounting’s ongoing commitment to integrating and optimizing corporate tax workflows through its comprehensive suite of solutions, aiming to enhance efficiency and accuracy in tax operations.

At the heart of the new features is the AI Expression Generator within Bloomberg Tax Workpapers. This tool allows users to input their data transformation requirements in natural language and instantly receive an AI-generated formula. This AI-driven solution is designed to mitigate common issues in workpaper management such as the risk of manual formula errors and uncertainties regarding the appropriate functions for specific tasks. The tool is user-friendly, accommodating tax professionals with varied technological expertise.

Further enhancing its platform, Bloomberg Tax & Accounting has strengthened the integration between Bloomberg Tax Workpapers and other critical solutions. A notable improvement is the direct data export feature to Bloomberg Tax Provision, which eliminates the need for manual data uploads, thereby streamlining the tax provision computation process and reducing potential errors.

Bloomberg Tax & Accounting’s latest AI-driven enhancements designed to revolutionize corporate tax workflows

The integration with Bloomberg Tax Fixed Assets is another significant upgrade, offering a self-service option for users to automate their asset import and export processes. This feature not only ensures seamless data management but also improves accuracy by allowing automated reconciliation tasks and direct feeding of depreciation values into workpapers for subsequent tax calculations. Such automation is crucial, providing time savings and an audit trail that enables tax professionals to concentrate on more strategic activities.

Lisa Fitzpatrick, president of Bloomberg Tax & Accounting, highlighted the strategic vision behind these enhancements, stating, “By continuously enhancing Bloomberg Tax Workpapers and creating more integration points with our other solutions, we are addressing key pain points in corporate tax workflows.” She emphasized that the AI formula generator and the robust integrations are pivotal in the company’s mission to simplify and automate complex processes, ensuring calculation accuracy for critical tax deliverables.

The introduction of AI tools in tax accounting software like Bloomberg Tax Workpapers represents a significant shift towards more automated, accurate, and efficient tax processing systems. These tools not only reduce human error but also enable tax professionals to devote more time to analysis and strategic planning, potentially transforming the landscape of corporate tax operations.